Surat Residents Invest in Digital Gold Amid Stock Market Volatility

Postal Department Sees 23 kg Gold Sold Through 'Sovereign Gold' Scheme, Surat Leads State in Sales

Surat Residents Invest in Digital Gold Amid Stock Market Volatility

As recent stock market turbulence has led to significant losses for investors, many people are now turning to safer investment options, benefiting the postal department. The Department of Posts' Sovereign Gold scheme, which offered digital gold from March 6 to 10, witnessed 23 kg of digital gold worth Rs 13 crore sold in just five days. Families with daughters set to marry in 8 to 10 years or with children requiring funds for higher education were among the top purchasers of digital gold.

Compared to the stock market, mutual funds, or other investments, digital gold has attracted significant interest from those seeking to secure their investments. Surat ranked first in the state, with residents purchasing 4775 grams of gold worth Rs 2.67 crore under the Department of Posts' Digital Gold scheme. Kheda in central Gujarat followed in second place, with 1978 grams of gold sold for Rs 1.10 crore.

Investors purchased gold ranging from 2 grams to 500 grams through the Sovereign Gold Scheme, viewing it as a safe investment in anticipation of future expenses. Many people who had invested their savings in the stock market experienced losses due to market volatility, prompting some to explore safer investment options like digital gold offered by the post office.

Neeraj Chinoy, PRO of Surat Head Post Office, expressed pride in Surat Division's performance, noting that the division alone sold as much gold as North Gujarat. He added that people's trust in the postal department is increasing.